haku: @indexterm incomplete markets / yhteensä: 34
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| Tekijä: | Smith, B. D. |
| Otsikko: | Monetary policy, banking crises, and the Friedman rule |
| Lehti: | American Economic Review
2002 : MAY, VOL. 92:2, p. 128-134 |
| Asiasana: | BANKING CRISES INCOMPLETE MARKETS MONETARY POLICY |
| Kieli: | eng |
| Tiivistelmä: | While received wisdom exists about the conduct of monetary policy while a crisis is underway, there is no formal treatment of how the conduct of monetary policy during "normal times" affects the potential for banking crises to occur. To fill this gap, the author considers economies where spatial separation and limited communication create a transactions role for money, and random shocks to agents' liquidity preferences create a role for banks. |
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